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Answer:
If a business venture does not have the financial resources to pay employees very high salaries, are there other ways it could attract and retain the talent it needs to grow the business?
Money is not the sole motivating factor for finding new employees. HOWEVER, unless you can provide a reasonable wage you won’t likely be competitive for the best candidates will be getting better offers elsewhere. Two ideas here:
Communicate who you are, what your vision is, what you hope to accomplish, and other factors to provide incentive for candidates to chose YOU over better paying competitors.
This low pay situation should be a sort term deal. Because if you’re telling candidates “we can’t pay much, and this is as good as it gets” they won’t work for you. Many startups provide future incentives to work now, such as stock options or deferred bonuses.
But, if you can’t communicate why they should work for you other than the $$, and you can’t show them the $$ will come once you’re successful, you likely won’t get the people you want. This might even make you rethink your strategy. Many of us have worked 80 hour weeks on starting because we can’t afford to hire the staff we’d need, so we have to do more ourselves. It’s a harsh reality of new businesses that you will work longer, harder, and make less on your own than you’d ever allow someone else to pay you, at least from the start.
Explanation:
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